If you are a business leader, it’s no secret that sustainable growth is among the biggest challenges you face. Whether it’s grappling with the pace of change, anticipating new and disruptive technologies or keeping ahead of pressures to find cost efficiencies, successful businesses must constantly balance the need for long-term planning with the relentless drive for short-term results. Digitizing your business and its processes can help. How? 

• By building a platform that can unleash opportunities across the enterprise
• Unlocking productivity and engaging employees
• While preserving your precious data.
• Growth marketing is a combination of defining your goals for the business and the means of reaching those objectives. It’s the marketer’s way of ensuring that the days and months are well spent creating an effective plan.

AUTHENTIC PURPOSE

Take the time to ask yourself these questions: Why does your company exist? What problem are you solving? What mission do you fulfil in the world? Then write a statement about how your company shines because of those answers. Use it to inspire everyone who works for you.

• Today more than ever, we are all faced with the responsibility of adding value and contributing to a more sustainable future. This is possible only through a shared sense of purpose – one that goes beyond individual interests to include customers, employees, suppliers, community and beyond.
• It allows a solid emotional engagement both within the company and with its customers and partners and continuous, pragmatic innovation.

A POWERFUL BRAND

The unquestionable road to product failure is to try to be all things to all people.

There is an old saying, “All the money in the world won’t help a bad product succeed.” There is great truth to that statement. If you want to create a mountable business, you must understand how crucial it is to build brand equity and emotional connections with customers. It is those attachments that connect the customers to your products and will keep them returning to you. Building a brand is about developing and sustaining those relationships throughout time.

PARTNERSHIP AND COLLABORATION

Doing everything yourself can be alluring in the beginning when funds are few and ambitions high. While there’s nothing wrong with a hands-on approach, taking on more than you can handle, particularly in areas where you lack experience, can be destructive. In the global freelance economy era, it isn’t problematic to find talented expertise, but you have to have complete knowledge of where to find it.

Today, there are loads of websites and online marketplaces that offer specialized resources from design, development, and sales to finance, legal services, banking, etc. The finest part is that you can try small projects at low investments. The catch is knowing precisely what you want to be done and putting resources toward achieving tangible goals.

CUSTOMER RETENTION

According to research, acquiring new customers can cost an organization around five times more than retaining current ones. Actually, a 2% increase in customer retention can have the same effect as decreasing a company’s costs by 10%. To put it differently, reducing customer defection rates by just 5% could increase profitability by 25% to 130%, depending on the industry.

According to the U.S. Chamber of Commerce and the U.S. Small Business Administration:

• The average business in the U.S. loses approx 50% of its customer base every five years.
• Companies are four times more feasible to do business with an existing customer than a new customer.
• The probability of selling to an existing customer is 60-70%, whereas it’s just 5-20% for a new customer.
• Positive retention starts with the initial contact a business makes with a customer and continues throughout the lifetime of the relationship. As per some statistics it is estimated that a 10% increase in customer retention for specific industries is roughly equivalent to a 30% increase in a company’s value.

COMMUNITY

A business ecosystem is an economic community of organizations and individuals that intermingle in infinite ways. These ecosystems boost companies to grow their capabilities competitively.

Ecosystems are vigorous to sustainable growth because they provide the structure surrounding and support the businesses within them. They disperse “stakeholdership” out from the business and into the society.

REPEATABLE SALES

Creating a unique product and brand isn’t enough. It takes repeatable sales processes to produce a scalable business. It’s one thing to sign up a few customers; it’s another thing to design and enforce sales processes that can be successfully deployed again and again at an ever-grander scale.

FLEXIBLE, ADAPTIVE LEADERSHIP

To carry on growing, business owners, entrepreneurs, and managers must become the leader the business needs for each particular growth stage. And since a company’s needs change at each level, its leaders need to keep evolving at the right speed. That requires self-awareness, introspection, and a strong sense of strategy–both in the short and long term.

An adaptive, flexible leadership style comes from being aware. This is because our individual, interpersonal, and working lives are all interconnected. By being aware, we understand those relationships and how best to utilize them to create, innovate, gain, grow, and lead.

Conclusion

To conclude, business growth strategy is tremendously beneficial to any business. Whether you’re an SME or a large corporation, it is imperative to have solid research backing your business decisions. The benefits include dropping risks, foreseeing revenue, monitoring competition, and increasingly detailed results that lead to an overall better-performing business that stands out from the crowd with efficiency and understanding. 

 If you are on the lookout for a mentor to start or scale your business, it is time to check out Jupiter Business Mentors. We connect the start-up community and small & medium enterprises to experienced mentors and provide business mentoring services. These mentors can make you a better entrepreneur. They offer you critical insights. 

We also have enthusiastic mentors for various industry verticals who can provide appropriate resources, expertise, and advice to emerging entrepreneurs and handhold you through the entrepreneurial journey. Whether you are looking for Advisory, market research, marketing your business or connecting with new customers, our expert mentors can guide you so your business forges ahead. 

 So, what are you waiting for? If you are keen to discover more, don’t forget to sign up as a Mentee to avail of 90 minutes of free sessions with any six mentors on our platform! We also have you covered in case you need multiple sessions. Besides, you can also enjoy special rates when you opt for more than six sessions.